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HomeMy WebLinkAbout0392~ • ~ •• 8. inepection. I.ender may make or cauee to be made reasonable entries upon and inepectiona of the property, providod that I.ender ehall give Borrower notice prior to any such inepection specifying reasonable cause therefor related to l.cnder'e intereet in the Property. 9. Condemaation. The proceeda of any award or claim for damages, direct or conaequential, in connection with any oondemnatiun or other taking of the properiy, or part thereof, or tor co~veyaace in lieu of oondemnaiion, are hereby asei~ed and ehal! be paid to Lender. ln the event of a total taking of the Property, the proceede shall be applied to the euma secured by thia Mortgage, with the excesa, if any, paid to f3orrower. ln the event of a partial taking of the Property, unlese f3orrower and l.ender otherwiee agree in writing, there shall be applied to the suma eecund by thie Mortgage such proportion of the proceede aa is equal to that prop~rtion which the amount of the aume secured by thia Moregage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taking, vrith the balan~ of the proceede paid b Borrower. It the Property ia abandoned by Borrower, or if, aRer notice by I.ender to ~3orrower that the rnndemnor offere to make an award or eettlc u claim [or damagen, Borrower faile to respond to I.ender x~thin 30 dnys after the date auch notice is mailed, I.ender is authorized to collect and apply the proceeda, at l.ender e option, either to reetoration or repair of the property or to the suma secured by thie Mo~ege. Unleae I.ender and Borrower otherwise agree in writing, any such application of proceede to pri~cipal ehaU nut extend or postpone the due date of the monthly instuilmenta re:~rred to in parc+graphs 1 and 2 hereof or change the amount ot euch inetallmente. 10. Borrower Not Released. Extenaion ot the time for paym~nt or modification of amortization of the aums aecured by this Mortgage granted by l.ender to any succesaor in interr~i ui iiorn~wrr anaii uui u~,r~Hi~:~..::.~se, in uny manner, the liability of the original Borrowe~ and E3orrower's successors in inierrbi. I.ender ahnll nol be reyuired to cummence proceedinga ngainat auch xuccessor or refuse to extend time for p~yment or otherwise modify amortization of the sums secumd by this MortKuKe hy reuiwn uf any demaud mnde by the original Borruwer und tiorrower s successors in interest. ~ 1 t. I~orbearance by I.ender Not a Waiver. Any forbearance by Lender in exerciaing any riKht or rnmedy hereunder, or otherwiae afforded by applicable law, shall not be a waiver of or precludr the exerciae of any such right or remedy. The prc~curement of inaurance or the ~yment of ta:ea or other liens or chnrgea by [.ender ahall not be a waiver o[ l.ender'a right to accelerate the maturity of the indebtedneae secured by thia Mortgage. 12 Remedies Cumulative. All remediea provided in thia Mortgage are distinct and cumulative to any othefi right or temedy under thia 1lurtrage or afforded by law or equity, and may be exercise~l concurrently, independently or successively. 13_ Successora and Assigna Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall bind, and the righta hemunder shall inure to, the respective aucceas~-re and assigna of l.ender and Borrower, subject to the proviaiona of paragraph I7 hereof. All covenants and agrnemente of I3orrower shall be joint and several_ The captions and headings of lhe paragraphs of this Mortgage are for rovenience only and are not to be used to interpret or define the proviaione hereof l4. Notice. Except for nny notice required under applicable lav- to t~e Kiven in nnother manner, lal any notim to Borrower provided for in this Mortgage shall begiven by mniling such notice by certified muil addressed to f3orrowerat the f'mperty Address ur at such other address as liorrower may designate by notice to l.ender as provided herein, and Ib) any notice to l.ender ahali be given by certified mail, return receipt requested; to I.ender's address stated herein or to such other addreas as I.ender may designate by notice to Borrower ax provided hernin. Any nutice provided for in this Mortgage shall be dremed to have been given to f3orrower or i.ender when given in the manner designated herein. 15. (.'niform Mortgage; Governing l.aw; Severabiiity. Thia torm of mortgage combines uniform covenants for nationat use and non- uniform covenantx with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortguge shs~ll be Roverned by the law of the juriadiction in which the Yroperty is located. In the event that any pruvision or clause of this Mortgage or the Note conflicts v-~th applicable luw, such contlict shall not affect other provisions of this Murtgage or the Note which can be given effect without the a~ntlictinK pmvision, and to this end the provisiona of the 111ortgage and the Note are declared to be severable. 16. Barrower'e Copy. E3orrower shall be fumished a conformed copy of the Note and of this Alorigage at the time of execution or after mcordation hereof. 17. Tranafer of the Property; Assumption. If all or any part of the Property or an intereat thernin is sold or transferred by I3orrower without l.ender's prior written consent, excluding lal the emation of a lien or encumbrance sutwrdinate to ihia Mortgage, (b) the cmation of a purchase money security interest for household appliances, (c) a transfer by deviae, d~scent or by operation of law upon the death of a joint tenant or (d) tt-e grant of any leasehold internst of three years or less not containin~ an option to purchase, I.ender may, at [.ender s option, declare all the sums secureu by this Mortgage to be immediately due and payable. Ixnder shall have waived such option to accelerate if, prior to the sale or tranafer, I~ender and the per~on to whom the Property is to be sold or transferred reach aKreement in w~riting that the credit of auch person is satisfactory to Ixnder and that the interest payable on the sums securcd by this 1lortgaKe shaU be at such rate as I.ender shall request. If I.ender has veaived the option to accelerate provided in this paraKraph 17, and if E3orruw•er's successor in interest has executed a written assumptiun agreement accepted in writing by [.ender, l.ender shall release Rorrower fiom all obliKations underthis Mortgage and the ti ote. If l.ender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not les.4 th.~n :i~ days from the d.ite the nuticr is ~r.ailed within which Rormwer may pay the sums declazed due. If Borrow•er fails tu pay such sums prior to th~ expirati~~n nf such period. I.ender may, vrithout further notice or demand on t3orrower, ~nvoke am• remedies permitted b~• paraKra~h lti hercr~f. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any rnvenant or agreement of Borrower in this Afortgage, including the covenanta to pay when due any aums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: ( l) the breach;l2) the action requirecl to cure such breach; (3) a date. not lesa than 30 daye from the date the notice ia mailed to Borrower. by which auch bresch muat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reault in acceleration of the sums aecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice ahall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloaure prceeeding the non-existence of a default or any other defenae ot Borrower to acceleration and toreclosure. If the breach ie not cured on or before the date specified in the notice. Lender at Lender's option may declare all otthe suma secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclode thie Mortgage by jtidicial proceeding. Lender xhall be entitled to collect in auch proceeding all expensea of foreclosure. including, but not limited to. reasonable attorney's feea. end costs of documentary evidence. abstraets and title reports. 19. Borrower's Riqht to Reinatate. Notwithstanding I.ender's ncceleration of thesums secured by this Mortgage, Borrowershall have the right to have any proceedings begun by [.ender to enforce this Mortgage discontinueci at any time prior to entry of a judgment enforcing thia Mortgage if: la) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; Ib) E3ormwer cures all breaches of any other covenants or agreements of 13orrower cont~ined in this Mort~aQe: (c) Borrower pays all reasonable expensex incurred by l.ender in enforcing the covenants and agreements of I3orrower contained in this Mortqage and in rnforcing Lender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable attomey's feea; and (d1 Borrower takea such action as Lender may masonably requirelo asaure that the lien of this Mortqage, Lender's interest in the Property and Borrower's obligation to pay the sumr~ secured by this Mortgage sha11 continue unimpaired. Upon auch payment and cure by Borrower, this Mortgaqe and the obligations secured hereby ahal) remain in full force and effect as it no acceleration had occurr~. 20. Assignment of Rents; Appointment of Receiver. AH additional aecurity hereunder, f3orrower hereby assigna to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain auch renti+ as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment otthe Property, Lender ahall be entitled to have a receiver appointed by a court to enter-upon, take poaseasion of and manage the Property and to collect the rnnts of the Property, including thoee past due. Al1 renta rnllected by the receiver shall be applied firat to payment of the costa of management of the Property and rnllection of rente, including, but not limited to, receiver e feea, premiuma on receiver's bonds and reasonable attorney'a fees, and then to the aums Becured by this Mortgage. 7T-e receiver shall be liable to acoount only for those rnnts adually received. ~~~~349 ~~~E 393 ~ ~ ~ a ~4 , . _ ~ _ - ~ ~ . w~~~~~~"~c~`. . ...~:~.-~ _' .'_ ~3 ° . ' .